[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） Boj{+rE0  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. S~(VcC$K  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: $XU$?_O  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. c%3 @J+z  
B. It continues the 2007 dividend payout ratio. Lp]C![\>U  
C. It uses a residual policy with all distributions in the form of dividends. 0?L$)T-B  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). nu9k{owB T  
 {e  
MLIQ 8=  
w*ktx{  
答案在楼下

Answer: ;Wh[q*A  
}N9a!,{P=b  
A: long-run growth rate S_-mmzC(  
3*(1+10%) =3.3 million 9C~GL,uKs  
w>UV\`x  
B: target payout ratio b2f2WY |z>  
Target payout ratio=3/15=20% Oc+L^}elJ  
Dividend of 2008=18*2%=3.6 million 8=Y|B5  
4wD^?S!p  
C: residual dividend approach xs`gN  
Retained earnings=total new investment*(1-debt ratio) <gzMDX[^M  
                 =12*(1-40%) XBt0Ez  
                 =7.2 million *7V{yK$O|  
Residual dividend=18-7.2=10.8 million W",jZ"7  
5e8-?w%e  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) 0 S8{VZpy  
Regular dividend=3*(1+10%) =3.3 million |wn LxI  
Extra dividend=residual dividend –regular dividend n?fC_dy  
              =10.8-3.3 \mit&EUh}  
              =7.5 million 'u%;6'y  
a#GqJ?nY  
Ip\g^ia  
2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560.
4IE#dwZW  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. yXl.Gq>]{  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. 9>, \QrrH  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 62'0)Cy^  
(8F?yBu  
Answer: JkEQ@x  
Notes:
-xEg"dY/  
Actual price=18560/3200=$5.8/unit V"p*Jd"w  
Actual quantity materials per unit=3200/2000=1.6 kg/unit ky"7 ^  
au~gJW-  
1).Standard quantity * standard price=standard total cost d-&dA_?  
(1.5*2000)      *   6        =$18000 zMg^2{0L  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials mM~Q!`Nf.  
（3200-3000）                *  6         =$1200 NPq2C8:  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials IN*Z__l8j`  
3200         * (5.8 – 6)                    =$640 C>-"*Lt  
4)actual quantity *actual price =actual total cost Ps,w(k{d  
3200        * 5.8       =$18560 w5R9\<3 L  
dQo$^?  
yE/I)GOQjs  
A：Price variance of direct materials=（actual price-standard price）*actual quantity wC@U/?  
                             = (5.8-6)*3200 cl8Mv  
                             = $640  【F】 7cSvAX0Z.  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. iKO~#9OF  
A[Xw|9  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price z$,hdZ]  
                                  = (3200-3000)*6 p`C5jfI  
                                  =$1200   【U】 tjL#?j  
"lMWSCas  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. +o5rR|)M+  
I*t}gvUt9  
c9K\K~bk  
C：Total variance of direct materials=actual costs- standard cost h<jIg$rA  
                              =18560-18000 ku=q:ryO  
                              =560  【U】